Wells ups bad foreclosures to 545 loans

Wells Fargo improperly foreclosed on 545 homeowners between 2010 and 2018 due to a “calculation error”— up from a previous estimate of 400, according to a regulatory filing.

The beleaguered bank on Tuesday admitted it had messed up the calculation for distressed homeowners who had been seeking a loan modification by overestimating the most they’d have to pay in attorneys fees in the event they were hit with foreclosure.

That miscalculation led the bank to improperly deny loan modifications for 870 homeowners — most of whom ended up losing their homes, the bank said.

“We’re very sorry that the error occurred,” spokesman Tom Goyda said in a statement.

It’s unclear by how much the bank overestimated the legal costs, and Goyda didn’t answer a question about the size of the bank’s miscalculation.

The bank’s review isn’t over yet, leaving open the possibility that more could be affected.

“Our plan is to work with each customer to arrive at a resolution that addresses their particular situation. Every customer situation is different. As a result, we don’t have any details on the amount we expect to pay out in remediation,” Goyda said.

Wells is still struggling to rehabilitate its image after regulators found that the bank had created millions of fake ac- counts and credit cards for customers to boost sales quotas — a scandal that led the last CEO to step down.

The bank is facing numerous other sales-related issues throughout its bank, from wealth management to auto insurance. Federal regulators have launched investigations into the practices, and customers have filed classaction lawsuits seeking billions of dollars.

Wells Fargo shares slipped 0.2 percent, to $53.55.